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Highlights

Global Investment Expertise

AR 2018

Key Highlights

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From FY 2015 through 2018.

AUM by asset class
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AUM by client domicile
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Revenue by asset class
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Financial Highlights (Dollars in thousands, except per share amounts)

 Years Ended March 31,
 20182017201620152014
Operating results
Operating revenues$3,140,3222,886,902 2,660,844 2,819,1062,741,757
Operating income (loss)324,001422,24350,831498,219430,893
Income (loss) before income tax provision (benefit)233,840370,878(25,218)367,993419,641
Net income (loss) attributable to Legg Mason, Inc.285,075227,256(25,032)237,080284,784
Per share
Net income (loss) attributable to Legg Mason, Inc. shareholders, diluted$3.012.18(0.25)2.042.33
Dividends declared1.120.880.800.640.52
Book value45.2041.6139.3740.2340.32
Financial condition
Total assets$8,152,5348,290,4157,520,4467,064,8347,103,203
Total stockholders’ equity attributable to Legg Mason, Inc.3,824,4053,983,3744,213,5634,484,9014,724,724
Adjusted EBITDA1637,228560,240561,432658,262581,462
1 Adjusted EBITDA represents a liquidity measure that is based on a methodology other than generally accepted accounting principles ("non-GAAP"). For more information regarding this non-GAAP measure, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our fiscal year 2018 Annual Report on Form 10-K.

Total Return Performance (Dollars)

  Years Ended March 31,
  201320142015201620172018
Index
Legg Mason, Inc.$100.00154.64176.25112.95120.72139.73
S&P 500 Index100.00121.86137.37139.82163.83186.75
SNL Asset Manager Index100.00125.88137.25113.64126.80156.31
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The graph compares the cumulative total stockholder return on Legg Mason’s common stock for the last five fiscal years to the cumulative total return of the S&P 500 Stock Index and the SNL Asset Manager Index over the same period (assuming the investment of $100 in each on March 31, 2013). The SNL Asset Manager Index consists of 42 asset management firms.
Prepared by S&P Global Market Intelligence, a division of S&P Global Inc.

Expanding Client Choice

More and better financial choices for investors expand their opportunities. To deliver the results clients need through the seamless experience they expect, Legg Mason focuses not just on today’s investor needs—but tomorrow’s too.

Clients want choices: in investment strategy, vehicle and access.

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Letter from CEO

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Listen to the Letter

Dear Clients and Fellow Shareholders,

In many industries, disruption favors the upstarts; the smaller, newer competitors that overturn the existing order.

The asset management business is different. Not because our industry is immune from disruption; nothing could be further from the truth.

But future success in the asset management industry will require a certain size, breadth of core capabilities and global reach that are foundational to providing investors with comprehensive solutions.

Most every force reshaping our industry in 2018—more empowered clients, growing regulatory burdens, the globalization of investing and the preeminence of technology—requires asset managers to have the scale, skillset, capacity for innovation and track record possessed by precious few companies.

Legg Mason has it.

After I was named CEO five years ago, I said we would strive to be the best asset management company in the world ... for our clients, our shareholders and our employees ... and in that order.

The path to this goal is not easy. But it is clear.

Legg Mason’s future leadership will be built on the seamless investment experience that clients expect, with the investment independence this moment requires.

Several developments—in the markets, in our industry and within Legg Mason—provide our company with a unique opportunity to deliver significant growth for years to come.

Here is the roadmap.


The Environment

Look at the environment for asset managers in 2018 and here is what you see:

  • A rapidly evolving global regulatory landscape that is changing expectations for, and the requirements around, how we engage with clients.
  • Technology, artificial intelligence and machine learning reshaping every aspect of our business, from how we invest and operate to how we distribute our products.
  • Relentless competition, with downward pricing and margin pressure that shows few signs of abating.

This sea change in our industry—which is driving consolidation and rewarding a few large players with the scale to compete—is now being accompanied by a sea change in markets.

In 2017, global stock markets, for the first time ever, rose every month of the year. And it was a fairly smooth ride.

But 2018 has brought more volatility than any time since the 2008 financial crisis, a bracing reminder that “easy and up” is not the permanent condition of the equity, or any, markets.

A nine-year bull market in stocks has boosted portfolios and consumer confidence but it cannot obscure the epochal challenge facing investors and institutions:

The gap between what investors need and the returns that the markets and benchmark strategies are likely to deliver in the years ahead … is growing.

Although the United States is in one of the longest periods of sustained economic growth since World War II, it is also one of the weakest. In developed markets around the world, the twin drivers of growth—an expanding workforce and productivity gains—are slowing as populations age.

It all adds up to lower projected returns on financial assets and lower interest rates, especially with valuations arguably stretched across many asset classes.

This represents an extraordinary challenge for institutions like pension funds—which typically need 7 to 8 percent annual returns to keep promises made to current and future workers—and for individuals shouldering more responsibility for their own economic and retirement security.

In America alone, 10,000 people will retire today, tomorrow and for decades to come. They’ll need their portfolios to grow, but without too much risk. They’ll need income, but the traditional ways of generating it may no longer be sufficient in a low-inflation, low-interest-rate world. There are no simple answers to these vexing challenges.

Many investors and institutions know this is coming, even if they have not yet adjusted their portfolios or their approach accordingly. It’s hard to blame them when asset classes were rising across the board for most of the last decade and one could notch double-digit annual returns by investing in a few passively managed index funds.

But we are now entering a more volatile and uncertain era. Growth and income will not come easily, creating challenges but also immense opportunity for active asset managers who can truly deliver alpha for investors.

Investors are empowered with more choice than ever before and won’t tolerate or pay for groupthink or off-the-shelf solutions. They want and deserve a custom plan that is accessible and affordable, from an advisor or asset manager that can invest in any geography and in multiple traditional and alternative asset classes and, above all, from a manager who delivers the returns they need with risk they can accept.

Legg Mason is built for this moment.


Getting to … and staying at … the table

Recently, Legg Mason won a significant new mandate from an institution. Afterward, the institution’s leader told me that Legg Mason’s investment strategy and performance was, of course, a key driver in their reallocation decision … and indeed nearly 80 percent of Legg Mason’s assets under management (AUM) have beaten their benchmark in the last five years.

But he also commented that our investment performance alone was not sufficient in their decision-making. What tipped the balance in Legg Mason’s favor was everything else that we provide: the service, the client experience and the distribution support that we offer in the field.

This example is but a microcosm of what both retail and institutional investors expect from their asset manager in 2018, where beating your market benchmark only gets you to the table. Staying at the table after you’ve arrived requires best-in-class service, not just when measured against other asset managers but even as measured against other consumer experiences.

Legg Mason provides just such service because we recognize that achieving our corporate mission of Investing to Improve LivesTM requires us to relentlessly expand choices for our clients. Today, we offer more asset classes. More investment vehicles. And more ways to work with Legg Mason than ever before, whether you are a retail or institutional client, based in the U.S. or internationally.

Executing on our strategy of expanding client choice has benefited Legg Mason clients, as well as our shareholders, who are invested in a company that is significantly and intentionally diversified and, therefore, more resilient to shifts in any one market or line of business.

  • In 2014, Legg Mason acquired QS Investors to provide expertise in custom client solutions and Martin Currie to offer differentiated exposure to international and emerging markets.
  • 2015 saw the addition of RARE Infrastructure, an investor in major liquid infrastructure assets in developed and developing economies.
  • 2016 brought the added capabilities of Clarion Partners, which invests in and manages over 1,000 private equity real estate assets throughout the Americas, and EnTrust, a provider of numerous alternative strategies including direct lending and co-investments.

Today, the Legg Mason family includes nine investment affiliates with specialized expertise across asset classes and geographies, each with total investment autonomy, and each empowered to share their perspectives independent of the other affiliates or Legg Mason.

Other asset managers may appear to have a similar approach to Legg Mason, but few are as committed to investment independence as we are. For example, Brandywine Global and Western Asset are both Legg Mason affiliates and world-class fixed-income managers. But they may give you very different or diverging perspectives on this asset class … and that is by design.

As Legg Mason has added more asset classes, we have also expanded client access to these investment strategies both through vehicles and distribution.

Today, Legg Mason offers twelve different product vehicles ranging from mutual funds, variable insurance trusts and separately managed accounts to active exchange-traded funds and collective investment trusts. Further, a 2016 Legg Mason investment—Precidian Investments—should enable us to create additional diverse vehicle choices.

Of our 3,300 employees globally, over 500 are focused on distribution and on providing our clients with the investment solutions they need and the distinguished service they prefer.

But scale and choice alone are not enough—our affiliates also collaborate to solve investment challenges and develop innovative solutions for fast-evolving client needs.

One notable example involved QS Investors and Western Asset Management. Together they created a $200 million custom managed volatility mandate that combined Western’s liability-driven investment (LDI) capability with QS’s high dividend equity expertise to create a solution that could enable a client to generate more returns without taking on significantly more risk. We expect similar success in working with clients whose needs are increasingly complex and challenging.

We expect the future investment environment to be more difficult. But Legg Mason now has the capabilities in place to help investors navigate those challenges. We can find growth opportunities and mitigate risk where others can’t or won’t. Investors have access to our affiliates as single strategy options, or they can look to Legg Mason to construct a completely tailored solution, matching different affiliate products and vehicles to specific client-directed outcomes.

After several years of acquisition and consolidation, Legg Mason is now poised for a period of significant organic growth.

While the investment independence of our affiliates will remain a key differentiator and competitive advantage for our business, we are pursuing, together, significant opportunities to collaborate more intensely and leverage our scale. We expect this collaboration to result in our being able to deliver greater results for our clients and ultimately be a driver of growth for our company. And to the extent that greater operational effectiveness yields savings, we will look first to reinvest in various parts of the business or otherwise return them to shareholders.


Significant Growth

I’ll admit there is something counterintuitive about Legg Mason—a company founded in 1899—thriving in the face of unprecedented disruption.

But that is precisely what we believe we are positioned to do.

As a company, and as a leadership team, we anticipated long ago that real industry disruption was coming, and we had a simple choice: we could change or have change forced upon us.

We chose the former, and our clients and shareholders are much better for it.

As CEO, I am focused on the prospect of Legg Mason delivering significant growth—as a validation and outcome of delivering for our clients and at a level that reflects, commensurately, our tremendous capabilities, our commitment to innovation and the investment performance of our affiliates.

In recent years, as we have repositioned the company, Legg Mason has led the industry with our exceptional rate of return of our investors’ capital, returning $3.7 billion to shareholders since March 2010 and increasing our dividend by a factor of eight over the same time period.

But it is time to grow and we have the strategy in place and resources to do it.

As I look out another five years, I know parts of our industry and our business will be radically different. We are positioning Legg Mason to thrive in the face of these changes, particularly as they relate to technology and changing client expectations.

But I also know that certain aspects of this company won’t change: Legg Mason will remain committed to Investing to Improve LivesTM. When we perform and help someone retire or send their child to college, when our investments fund the construction of a new school or road, or when we back the creation of a new business, it is a catalyst for a virtuous cycle that benefits the communities in which we operate.

And I know our day-to-day work will continue to be guided by our “No Chalk” culture, in which all Legg Mason employees understand that we are always to conduct our business well “in-bounds” of the chalk lines of ethical territory.

In an era where the public increasingly mistrusts the actions and motives of public and private institutions, we expect that Legg Mason’s focus on integrity and our long track record as a responsible steward of client assets will distinguish us.

Over the years, we have earned the trust of our clients, our shareholders and stakeholders. We never take that for granted. On behalf of all my colleagues at Legg Mason, I thank you for your continued support and I look forward to reporting to you again on another strong year ahead.

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Joseph A. Sullivan
Chairman & Chief Executive Officer

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Affiliates

Independent Investment Expertise

Legg Mason’s nine investment affiliates have investment autonomy, an independent perspective and specialized expertise across asset classes and geographies. With this model, clients benefit from access to a broad spectrum of powerful, award-winning financial solutions across the equity, fixed-income and alternative asset classes. Investing with Legg Mason gives our clients the confidence of dealing with a leading asset manager, at the same time providing them with the specialized focus of a boutique investor.

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Affiliate Details

Brandywine Global believes in the power of value investing. Acting with conviction and discipline, the firm looks beyond short-term, conventional thinking to deliver long-term value to clients across a broad range of global fixed-income, equity and alternative strategies. Headquartered in Philadelphia, Brandywine Global also has offices in London, Singapore, Montreal and Toronto. A signatory to the United Nations-sponsored PRI, the firm is committed to incorporating ESG factors into the active investment decision-making process.

For the fiscal year ended March 31, 2018, Brandywine Global’s investment strategies were distinguished by strong performance, advancing the firm to $76.3 billion AUM. These results were spread across a broad global footprint, with half of AUM originating from outside of the U.S., and more than 75 percent managed in global mandates. Approximately 93 percent of client assets outperformed their respective benchmarks since inception, demonstrating the firm’s ongoing commitment to delivering solutions to meet client objectives.

The firm’s investment strategies continued to earn industry accolades, including a nomination for the Morningstar 2017 “U.S. Fixed-Income Fund Manager of the Year” award. The firm’s flagship strategy, Global Opportunistic Fixed Income, reached its 20-year milestone, an achievement complemented by an outstanding performance record. Equally important, Brandywine Global received its third “Best Places to Work in Money Management” award from Pensions & Investments, supporting the firm’s belief that engaged employees lead to better outcomes for clients. Employees scored the firm highly across a broad range of factors, commending the dynamic culture and commitment to all associates.

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For more than 36 years, Clarion Partners has been a leading real estate investment manager, providing innovative real estate solutions to a global and diverse institutional client base. Clarion invests in the Americas in both equity and debt positions across a broad range of property types with varied risk profiles.

Headquartered in New York, Clarion has 293 employees in nine offices across the U.S., Latin America and the U.K. Distinguished by a research-driven investment approach and strong partnership culture, Clarion invests with the consistent goal of generating superior investment returns and creating value for clients.

Clarion officially joined the Legg Mason group of affiliates as of April 13, 2016. The firm has continued its path of steady growth in fiscal year 2018, as total assets under management grew to $45.6 billion as of March 31, 2018, and 70 new clients were added.

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ClearBridge Investments is a leading global equity manager headquartered in New York with offices in San Francisco, Wilmington, Washington, DC, Baltimore and London. The firm draws on more than 50 years of experience to deliver long-term results through active management across strategies focused on three primary client objectives in its areas of proven expertise: high active share, income solutions and low volatility. A United Nations-sponsored PRI signatory for many years, ClearBridge integrates ESG considerations into the fundamental research process across its platform.

Consistent investment performance during the fiscal year enabled ClearBridge to achieve record high assets under management. The firm won new client mandates across U.S. large-cap growth, small/mid-cap growth and international equities, and it saw continued strong adoption of its innovative Dynamic MDA Portfolios.

ClearBridge expanded its leadership position in ESG investment, publishing its first-ever impact report that highlights how, as active shareholders, the firm engages with companies to push for progress on ESG issues and measures its impact on those companies. The firm also launched three active ETFs, two of which, LRGE and YLDE, are among the first actively managed ETFs to integrate ESG considerations into portfolio construction.

ClearBridge was also named one of the “Best Places to Work in Money Management” by Pensions & Investments for the sixth year in a row.

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EnTrustPermal is one of the world’s largest hedge fund investors and is recognized as a leading global alternative asset manager. With histories dating back to 1997 and 1973, respectively, EnTrust and Permal combined their deep industry knowledge and expertise in 2016 to create a firm with the global talent, scale and resources to bring clients meaningful innovation in a dynamic industry.

With 11 offices globally, EnTrustPermal offers investment solutions through customized portfolios, co-investments, direct investments and established funds across alternative strategies including diversified, strategy-focused and opportunistic. At the core of the firm’s culture is a strong emphasis on personal service, a high level of communication, extensive due diligence and proprietary risk management.

During the fiscal year, EnTrustPermal reached $1 billion in commitments from 170 global investors for its Special Opportunities Fund IV. The Fund is the latest offering in a capability established a decade ago dedicated to co-investments that target high-conviction ideas that are catalyst-driven or designed to exploit market dislocations. The firm added an aviation financing capability to its private debt investment platform, giving EnTrustPermal capabilities in direct leasing and financing vehicles in the maritime and aviation industries. Finally, the firm extended its retail distribution partnerships with a new large global wealth manager, offering retail clients new investments to diversify their portfolios.

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Martin Currie is an active equity specialist, crafting high-conviction portfolios for client-focused solutions.

Martin Currie’s product range is designed to meet its clients’ needs. Headquartered in Edinburgh, Scotland, and with offices in London, New York, Singapore and Melbourne, Australia, Martin Currie offers four distinctive solutions, each defined by the risk framework and the outcomes it provides: Market Aware, Sustainable Income and Growth, Unconstrained and Absolute Return strategies.

Integral to its investment process is Martin Currie’s differentiated approach to ESG. The firm believes that by implementing comprehensive ESG analysis, it can identify companies that are best able to sustain high returns and resist competitive pressure. Stewardship of client capital through active engagement is central to its approach. This is recognized by Martin Currie’s triple A+ rating by the United Nations-sponsored PRI for each of its three top-level categories: Strategy and Governance, Incorporation and Active Ownership.

AUM grew this fiscal year to $19 billion, with compelling investment performance across a broad range of equity strategies, including its emerging markets and Australian equity income propositions. Capitalizing on the strength of its emerging markets strategy, Martin Currie launched two new product vehicles—a Dublin domiciled investment company with variable capital (ICVC) for the Legg Mason platform, and a Separately Managed Account (SMA) for the U.S. market, complementing the existing GEMs 1940 Fund.

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The singular mission of QS Investors is to elevate the certainty of outcomes the firm delivers to investors through a deeper understanding of investment and human dynamics. QS strives to give investors the confidence to stay invested, avoid emotional decisions, and participate in the long-term benefits of the market to achieve their goals.

With expertise in a systematic approach to asset allocation, equity factor-based investing and portfolio construction, QS has an 18-year history of partnering with clients to provide custom investment solutions. The firm serves clients from offices in New York and Boston.

Over the past year, QS continued to add clients to its custom multi-asset solutions platform. QS has invested heavily in developing solutions that span a broad range of investment goals, from college savings to retirement strategies. The firm expects to further expand its market presence with these solutions over the coming year.

Within the equities business, QS continues to gain traction by focusing on strategies that help investors meet their objectives. LVHD, one of QS Investors’ and Legg Mason’s first solutions-based ETFs, crossed the $500 million AUM mark after 25 months of sustained growth. In addition, QS won a $1 billion Global ESG advisory mandate from a large public pension plan; this strategy balances investors’ growing desire for responsible investing with their need to generate alpha. Finally, in recognition of consistent risk-adjusted performance for clients, Lipper awarded the QS Global Equity Fund’s I share class (SMYIX) a Lipper Fund Award for the three-year period ended November 30, 2017 out of 138 funds in the Global Multi-Cap Core Funds category.

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RARE is a specialist investment manager focused exclusively on global listed infrastructure.

Established in 2006, the company offers investors a choice of infrastructure strategies enabling them to target particular portfolio outcomes from the asset class. RARE’s experienced investment specialists invest in companies that own and develop major infrastructure assets such as airports; gas, electricity and water systems; roads; ports; and communication towers in both developed and emerging economies. Excellence in research and managing risk is at the heart of RARE’s investment process.

In fiscal year 2018, RARE pursued opportunities to develop and grow its business across the globe. Together with Legg Mason, RARE added the Global Infrastructure Income strategy and the RARE Emerging Markets Infrastructure strategy to the UCITS platform. This resulted in all of RARE’s active investment strategies being available for registration across Europe, the U.K., North and South America and Asia.

The Global Infrastructure Income Fund in the U.K. also continued to attract strong levels of interest.

Additionally, RARE won “Self-Managed Super Fund Service Provider of the Year” (advisor voted) at the Australian SMSF Awards night. This is the second consecutive year that RARE has won this award.

As of March 31, 2018, RARE employed 49 staff and managed over $4.2 billion. RARE’s head office is in Sydney, Australia. The company has been a signatory of the United Nations-sponsored PRI since 2010.

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Royce & Associates, LP is a small-cap equity specialist offering strategies with distinctive investment approaches to address specific investment goals. An asset class pioneer, the firm has been managing micro-cap, small-cap and small/mid-cap portfolios for more than 40 years.

Eight of the firm’s 13 domestic small-cap and small/mid-cap portfolios advanced 16 percent or more in the fiscal year. Of these, five increased more than 20 percent, beating their respective benchmarks in the process. Royce Opportunity Fund finished in the top percentile in Morningstar’s Small Value category for calendar 2017. Royce Micro-Cap Opportunity Fund finished in the top percentile in Morningstar’s Small Blend category for the calendar year.

Royce International Premier Fund received a 2018 Thomson Reuters Lipper Fund Award in recognition of its superior performance for the three-year period ended November 30, 2017 in the International Small/Mid-Cap Growth Funds category, finishing first out of 48 eligible funds.

In May, Royce was very pleased to become a signatory of the United Nations-sponsored PRI, joining nearly 1,700 signatories across the globe, including seven other Legg Mason affiliates.

Royce has been working diligently to widen and differentiate the types of vehicles it offers, ensuring the broadest access to its small-cap equity expertise for potential investors.

Located in New York, Royce continues to build on its core investment advantages: an unparalleled domain knowledge and sustained focus on the small-cap asset class; a notably experienced investment team, whose members have an average tenure of more than 16 years at Royce and more than 30 in the industry; and extensive access to company management teams (more than 2,000 company meetings in the last fiscal year).

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ESG Investing

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Investing with Conviction

Investors are taking greater care to make sure the companies they invest in are acting as corporate stewards. More than ever, investors are seeking the use of environmental, social and governance (ESG) factors to identify strong, sustainable companies.

Integral to our mission of Investing to Improve LivesTM is ensuring that our clients can be confident that we have their best interests at heart. One of the ways we fulfill that mission is in finding high-quality, long-term investments that have the potential to positively impact society. We also believe those investments can provide superior client outcomes over the long term.

Legg Mason’s independent investment affiliates target companies with differentiated business models, high sustainable returns, strong financial characteristics and seasoned management teams. They actively engage management, ensuring a more holistic approach to sustainability that measures progress and promotes improvement over time.

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Further, eight of nine affiliates are signatories to the United Nations-sponsored PRI.


Brandywine Global
Clarion Partners
ClearBridge Investments
EnTrustPermal
Martin Currie
RARE Infrastructure
Royce & Associates
Western Asset

As of March 31, 2018, approximately $183 billion of long-term AUM is in investment strategies that utilize ESG factors, up 15 percent over the previous year.

Clients may access ESG strategies that invest in equity and fixed-income markets globally from our investment affiliates in mutual fund, separate account and ETF vehicles. With interest from investors growing, Legg Mason is prepared to provide ESG strategies however our clients choose to invest.

Leadership

Executive Committee

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Providing our clients with the investment solutions they need.

Front row (left to right)

Thomas C. Merchant General Counsel

Terence A. Johnson Head of Global Distribution

Patricia Lattin Chief Human Resources Officer


Back row (left to right)

Ursula A. Schliessler Chief Administrative Officer

John D. Kenney Global Head of Affiliate Strategic Initiatives

Frances L. Cashman Head of Global Marketing and Communications

Joseph A. Sullivan Chairman & Chief Executive Officer

Thomas K. Hoops Head of Business Development

Peter H. Nachtwey Chief Financial Officer

Board of Directors

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Front row (left to right)

Robert E. Angelica Private Investor; Former Chairman and CEO, AT&T Investment Management Corporation (Chairman of Risk Committee)

Margaret Milner Richardson Private Consultant and Investor;
Former U.S. Commissioner of Internal Revenue

W. Allen Reed Private Investor; Former CEO,
GM Asset Management Corporation
(Chairman of Finance Committee)


Back row (left to right)

Michelle J. Goldberg Partner, Ignition Partners

Carol Anthony (“John”) Davidson Private Investor; Former Controller and Chief Accounting Officer, Tyco International, Ltd.

John V. Murphy Former CEO, OppenheimerFunds Inc.
(Lead Independent Director & Chairman of Compensation Committee)

Joseph A. Sullivan Chairman and Chief Executive Officer,
Legg Mason, Inc.

Barry W. Huff Former Vice Chairman, Deloitte (Chairman of Audit Committee)

Alison A. Quirk Senior Advisor and Consultant;
Former Global Human Resources Executive,
State Street Corporation

Kurt L. Schmoke President, University of Baltimore; Former Mayor, City of Baltimore
(Chairman of Nominating & Corporate Governance Committee)

Leadership will be built on the seamless investment experience that clients expect, with the investment independence this moment requires.

Resources

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Download
Legg Mason
2018 10K filing

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View previous
Years’ Annual
Reports

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Read Legg Mason’s
Corporate Social
Responsibility
Report